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Senate begins work on fiscal framework

02 October 2012, 16:49

Abuja - Senate on Tuesday began work on the Medium Term Fiscal Framework (MTFF) and Fiscal Strategy Paper (FSP) by referring the document to its Committee on Finance and National Planning.

President Goodluck Jonathan had forwarded the MTFF and FSP to the Senate for approval in accordance with sections 13, 12 and 11 of the Fiscal Responsibility Act 2007.

The MTFF is the basis upon which the 2013 Appropriation Act is structured.

There are certain key areas in the document that need to be agreed upon by the Senate before the 2013 budget can be approved.

One of such issues is the benchmark of crude oil which the MTFF document has placed at $75 per barrel.

Another key issue is that of the oil subsidy which the Senate needs to agree on before the budget can be approved.

It will be recalled that Jonathan had last week communicated to the Senate through a letter, his intention to present the 2013 budget at a joint sitting of the National Assembly on Oct. 4.

Bearing in mind the importance of the need to submit the 2013 budget early to the National Assembly, Senate President David Mark advised the Committees to expedite work on the document.

Mark said the document should be returned to the Senate on Tuesday Oct. 9.


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